US Stocks Tumble Amid Strong Earnings and Rising Oil Prices

The US stock market experienced a slight downturn on Monday, with the S&P 500 index slipping 0.1% from its all-time high set on Friday. The Dow Jones Industrial Average dipped 60 points, or 0.2%, and the Nasdaq composite fell 0.3%. This comes after a rally fueled by soaring profits for big US companies, with earnings per share expected to show a 50% leap in the spring from a year earlier.

Berkshire Hathaway, led by Warren Buffett's successor Greg Abel, reported stronger-than-expected quarterly profits and invested some of its massive cash pile into stocks. The company's stock rose 1.5%. Other notable movers included MarineMax, up 46.1% after agreeing to be acquired for $1.5 billion in cash, and Varex Imaging, which leaped 48.8% after being bought out by Teledyne Technologies.

However, Intel fell 4.1% after announcing plans to sell $15 billion of its stock, which would dilute shareholders' ownership stakes. The company said it would use the cash for investments in artificial-intelligence technology.